FINANCING WATER RESILIENCE: A FEASIBILITY ANALYSIS OF SOVEREIGN BLUE BOND ISSUANCE IN UZBEKISTAN.
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https://doi.org/10.5281/zenodo.17977556##article.subject##:
blue bonds, water management, irrigation modernization, sustainable finance, water scarcity, capital markets, monitoring, reporting and verification (mrv), environmental policy, climate resilience##article.abstract##
As Uzbekistan faces a projected water deficit of 7 billion cubic meters by 2030, traditional fiscal mechanisms
are proving insufficient to modernize the country’s agricultural infrastructure. This paper analyzes the feasibility of
introducing “Blue Bonds”—debt instruments dedicating 100% of proceeds to water management—into Uzbekistan's
capital market. By reviewing hydrological forecasts, fiscal data, and the precedent of the 2023 Sovereign Green Bond,
this study identifies a funding gap of approximately $4–5 billion for irrigation modernization. The results suggest that while
the market infrastructure for a Blue Bond exists, its success relies on establishing rigorous monitoring, reporting, and
verification (MRV) mechanisms to mitigate “bluewashing” risks and ensure long-term impact.
Библиографические ссылки
1. World Bank. (2024). Uzbekistan: General Water Security Assessment. Washington, D.C.: World Bank Group.
2. President of the Republic of Uzbekistan. (2020). Decree No. UP-6024: On Approval of the Concept of Development of
Water Economy of the Republic of Uzbekistan for 2020–2030. Tashkent.
3. Ministry of Economy and Finance of the Republic of Uzbekistan. (2023). Sovereign Green Bond Framework &
Allocation Report. Tashkent.
4. International Finance Corporation (IFC). (2022). Guidelines for Blue Finance. Washington, D.C.
5. International Capital Market Association (ICMA). (2023). Green Bond Principles. Zurich.
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